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TSB Issues Purchase Fraud Warning Ahead of Busy Sales Period as Social Media Scams Continue to Target Consumers

November 12 2024

TSB Issues Purchase Fraud Warning Ahead of Busy Sales Period as Social Media Scams Continue to Target Consumers

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As consumers ready themselves for Black Friday and Christmas, TSB is urging consumers to be vigilant when shopping online – as it reveals Purchase Fraud accounted for over a half (55%)1 of all fraud cases this year.

New TSB data also shows that social media platforms continue to lead to significant fraud losses for consumers. TSB found that Facebook accounted for two thirds (67%)2 of all purchase fraud losses by volume, and 59 percent by value. This is followed by Instagram, which accounts for sixteen percent of purchase fraud by volume, and almost a third (29%) by value.

UK Finance data shows that £42 million was lost to purchase fraud alone in the first half of 2024 – and with almost 70,000 cases3 over this period, that averages 375 cases every day.

TSB’s fraud team is warning consumers to be vigilant to some of the most commonly scammed items

  • Concert Tickets
  • Football tickets
  • Cars (specifically deposits)
  • Clothes, including trainers
  • Children’s toys
  • Games consoles
  • Services (specifically home repairs refurbs)·
  • Designer items like bags and higher value shoes
  • Electrical goods like phones & laptops
  • Motorbikes

Warning on sub £100 scams

TSB also found that almost half (48%) of purchase fraud cases are £100 or less – as the bank issues a warning to consumers that they could be left without a refund.

Under the Payment Systems Regulator’s new fraud rules, TSB has chosen not to apply a £100 excess per fraud claim, due to the high level of scam victims that would be excluded from a refund – as much as a third4 (32%) of all push payment fraud cases.

Nicola Bannister, Director of Customer Support, TSB, said: “At this time of year, we’re all shopping online more than ever – but it’s important to be wary of scams on social media platforms, as crooks are listing items
that simply don’t exist.

“We’d advise sticking to reputable websites and only buying an item you’ve found on a social media platform if you can view it in person first.”

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Nicola Bannister

Nicola Bannister

TSB Bank

Companies In This Post

TSB Bank

TSB Bank
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